Commentary
Popular understandings of economics often attempt to incorporate the methodology of natural sciences as the supposed key to economics. Some economic experts are of the view that the methods employed by the natural sciences, such as advanced mathematics, are important tools for the assessments of historical data to establish the state of an economy. It is also believed that the knowledge secured from the assessment of the empirical data is likely to be tentative since it is not possible to know the true nature of reality. Thinkers such as Milton Friedman held that the best approach to comprehend this elusive reality is to build a model that could generate accurate forecasts.
